NewBridge Bank to acquire Southport-based Security Savings Bank

Published: Thursday, June 13, 2013 at 5:45 p.m.

Last Modified: Thursday, June 13, 2013 at 5:45 p.m.

The parent company of NewBridge Bank announced Thursday that it was acquiring Southport-based Security Savings Bank.

Security Savings operates six branches and one loan production office in Brunswick County. As of the end of March, Security reported assets of $224 million, loans of $157 million and deposits of $176 million.

With the transaction, Greensboro-based NewBridge will become a $2 billion-asset institution with 36 branches and several loan production offices throughout North Carolina.

It also will become one of the largest community banks in the Cape Fear region. NewBridge already has two Wilmington branch locations – 704 South College Road and 1001 Military Cutoff Road.

“We welcome Security Savings Bank clients to NewBridge Bank,” said Pressley Ridgill, NewBridge’s president and chief executive officer, in a statement. “Community banks have been through a tumultuous economic cycle, and many have suffered the adverse consequences of circumstances beyond their control.

“We are honored to partner with Security Savings and continue its 100-year tradition of serving Brunswick County communities.”

In the same release, Henry Edmund, chief executive officer of Security Savings Bank, said his bank was significantly impacted by the economic downturn and was unable to raise the needed additional capital as a mutual savings bank.

“The merger with NewBridge Bank allows us to maintain our community-banking focus and return our attention to providing comprehensive financial services to our clients and supporting the communities we serve,” he said.

It wasn’t immediately clear what impact, if any, the merger would have on Security’s branches and employees.

The deal has been approved by NewBridge’s Board of Directors and is expected to close during the third quarter of 2013.

The transaction is subject to certain conditions, including regulatory approvals. Integration of the two banks is anticipated to begin in the fourth quarter of 2013.

<p>The parent company of NewBridge Bank announced Thursday that it was acquiring Southport-based Security Savings Bank.</p><p>Security Savings operates six branches and one loan production office in Brunswick County. As of the end of March, Security reported assets of $224 million, loans of $157 million and deposits of $176 million.</p><p>With the transaction, Greensboro-based NewBridge will become a $2 billion-asset institution with 36 branches and several loan production offices throughout North Carolina.</p><p>It also will become one of the largest community banks in the Cape Fear region. NewBridge already has two Wilmington branch locations – 704 South College Road and 1001 Military Cutoff Road.</p><p>“We welcome Security Savings Bank clients to NewBridge Bank,” said Pressley Ridgill, NewBridge's president and chief executive officer, in a statement. “Community banks have been through a tumultuous economic cycle, and many have suffered the adverse consequences of circumstances beyond their control.</p><p>“We are honored to partner with Security Savings and continue its 100-year tradition of serving Brunswick County communities.”</p><p>In the same release, Henry Edmund, chief executive officer of Security Savings Bank, said his bank was significantly impacted by the economic downturn and was unable to raise the needed additional capital as a mutual savings bank.</p><p>“The merger with NewBridge Bank allows us to maintain our community-banking focus and return our attention to providing comprehensive financial services to our clients and supporting the communities we serve,” he said.</p><p>It wasn't immediately clear what impact, if any, the merger would have on Security's branches and employees.</p><p>The deal has been approved by NewBridge's Board of Directors and is expected to close during the third quarter of 2013.</p><p>The transaction is subject to certain conditions, including regulatory approvals. Integration of the two banks is anticipated to begin in the fourth quarter of 2013.</p><p><a href="http://www.starnewsonline.com/section/topic9924"><b>Gareth McGrath</b></a>: 343-2384</p><p>On <a href="http://www.starnewsonline.com/section/news41"><b>Twitter</b></a>: @Gman2000</p>